CNX--BANK NIFTY
Closed at 17879.55 on 27-12-2016(Open-17677.70/High-17907.35/Low-17616.10)
Support:- 17825.50/17819.75/17672/17606.90/17425.25/17350.45/16946.35/16932.50/1692/16431.65/16368/16186/15762.
Resistance:- 17884/17952.60/18051.50/18143.70/18316.80/18443.65/18532/18713/18740 .
It opened on
a positive note and moved in a very short range for quite some time but later
in the day it gradually started moving up and closed with a gain of 224 points
and near the high of the day. Although it closed with a good gain today and
also moved above its critical point of 17672 and 17819.25(for the week) but did
not showed the required strength which Nifty has shown. However the up move may
be carried forward if it moves and sustain above 17884 but it will gain some
strength only if it moves and sustain above 17971 and then closes above 18085.
Please note that close above 18085 will make sure that this up move may last
for few days. However looking at today’s move long call can be tried if it
maintains above 17884 with a stop loss of below 17819 .Similarly short call can
be tried below 17819 with a stop loss of above 17884.
Remark: - The uptrend is
severely threatened and downtrend is on. It had an up day today and it moved above
some of its important points also, so this up move may continue therefore long
call can be tried as suggested above. Short call can only be tried below 17819.The
trend is bearish as of now.
Disclaimer:-The view expressed
here are solely of the author and he is not at all responsible in any way for
the outcome of the trade you enter based on the above view.
Note:
Price stated here is of spot market.
Kindly note that make your cost your stop loss in favorable
trade and then trail it as the price move up/down to gain maximum profit and
avoid losses. Use support and resistance levels as entry, exit, target and
trailing stop loss points. DO
NOT TRADE WITHOUT STOP LOSS.
Contact me for
strategic guidance to enter and exit the trade.
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Thank you for sharing your views.